Westlake Corporation (NYSE:WLK) to Issue $0.53 Quarterly Dividend
Westlake Corporation (NYSE:WLK) announced a quarterly dividend of $0.53 per share, payable on December 11th to shareholders of record on November 25th. The dividend yield is 3.6%, with a payout ratio of 41.5%. Westlake has consistently increased its dividend for 21 years. Analysts expect the company to earn $7.44 per share next year, maintaining its dividend coverage. The stock opened at $59.17, with a market cap of $7.59 billion. Analysts have given Westlake a "Moderate Buy" rating with an average target price of $86.67.
Westlake Corporation (NYSE:WLK - Get Free Report) announced a quarterly dividend on Friday, November 14th. Investors of record on Tuesday, November 25th will be given a dividend of 0.53 per share by the specialty chemicals company on Thursday, December 11th. This represents a c) annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, November 25th.
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Westlake has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 21 years. Westlake has a payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Westlake to earn $7.44 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 28.5%.
Westlake Stock Performance
Shares of WLK stock opened at $59.17 on Friday. The company has a market cap of $7.59 billion, a P/E ratio of -111.64 and a beta of 0.95. The business has a 50 day moving average of $73.85 and a two-hundred day moving average of $78.16. Westlake has a 52 week low of $56.33 and a 52 week high of $133.51. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43.
Westlake (NYSE:WLK - Get Free Report) last announced its quarterly earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.47). The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.97 billion. Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%.The firm's revenue for the quarter was down 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.41 earnings per share. As a group, analysts anticipate that Westlake will post 6.48 EPS for the current year.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on WLK shares. The Goldman Sachs Group set a $78.00 target price on Westlake and gave the company a "neutral" rating in a research note on Friday, October 31st. Tudor Pickering raised shares of Westlake from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 6th. BMO Capital Markets reissued a "market perform" rating and set a $83.00 target price (down from $91.00) on shares of Westlake in a research note on Tuesday, November 4th. Morgan Stanley dropped their price target on shares of Westlake from $98.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. lifted their price target on Westlake from $73.00 to $78.00 and gave the company a "neutral" rating in a report on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Westlake currently has an average rating of "Moderate Buy" and an average target price of $86.67.
Check Out Our Latest Analysis on Westlake
About Westlake
(Get Free Report)Westlake Corporation engages in the manufacture and marketing of performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, Taiwan, and internationally. The company operates through two segments: Performance and Essential Materials and Housing and Infrastructure Products.
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